Movers: Baidu, H&M, MicroStrategy, Moderna, Olin, Robinhood, Snowflake, Stellantis

Barry Adams
15 Jun, 2022
New York City

Baidu Inc gained 1.2% to $142.47 after a news report suggested that the China=based search giant is looking to sell its controlling stake in video streaming company iQiYi Inc. 

iQiYi Inc declined 2.4% to $4.58.  

The news was first reported by Reuters. 

H&M Hennes & Mauritz AB dropped 6.5% to $2.41 despite the apparel retailer reported sales increased 12% in local currencies in the latest quarter ending in May.

Sales increased  17% in Swedish krona. 

MicroStrategy Inc jumped 7.7% to $167.97 after the price of bitcoin dropped to $20,178 on Wednesday before rebounding 8%. 

MicroStrategy is the largest corporate investor in cryptocurrency and has spent $3.97 billion amassing close to 130,000 bitcoins.

The value of the holding has declined steadily and hovers near $2.7 billion. 

 Moderna Inc increased 5.4% to $128.06 after a FDA advisory panel recommended the company's coronavirus vaccine for children aged 6 to 17 years. 

The company is anticipating a vote from a full FDA panel in the next few weeks or earlier. 

Olin Corporation dropped 9.7% to $51.68 after Royal Bank of Canada lowered its price target on the specialty chemical maker to $76 from $83. 

Recently, Bank of America lowered its price target to $72 from $81 and Barclays raised its target to $65 from $57. 

Robinhood Markets Inc fell 2.4% to $7.06 after the online trading platform operator was downgraded by Atlantic Equities from "neutral" to "underweight" citing uneven revenue trends.  

Sonos Inc increased 2.1% to $20.01 despite the high-end audio speakers maker was downgraded by Morgan Stanley to "equal-weight" from "overweight" citing restrained discretionary spending by consumers and changing consumer priorities driven by higher inflation. 

Snowflake Inc increased 5.6% to $120.49 after Canaccord Genuity upgraded the stock from "hold" to "buy" citing new products and attractive stock price. 

Snowflake has plunged 69% from its peak of $392.15 on November 19, 2021. 

Stellantis NV increased 3.1% to $13.38 after the parent of Fiat and Chrysler said it will start laying off people from next week at its Sterling Heights, Michigan stamping plant. 

The automaker did not announce how many employees will be impacted and said the lay off will be indefinite.